Suman Chakraborty
@nmimsindore.org
Professor, Faculty of Management and Commerce
svkm's Narsee monjee institute of management sciences
A professional and passionate business teacher with expertise in the domain of corporate finance, Equity Research, Portfolio Management, and Business valuation with over 24 plus years of experience, has the ability to communicate and achieve goals with diverse student populations and academic professionals. The primary goal is to provide positive and progressive educational leadership with integrity, collaborative skills, and sincerity. Published research papers in international and national journals indexed in Scopus, Web of Science and listed in ABDC.
EDUCATION
Ph.D in Finance from Utkal University, Odisha, INDIA 1st August 2015
Thesis title: A study of retail investors perception influencing the investment decision on mutual fund schemes
Master of Financial Analysis & Control (M.F.C.) from Jodhpur University, Rajasthan, INDIA 2001
Master of Commerce (Business Economics) from Jodhpur University, Rajasthan, INDIA 1997
Bachelor of Commerce (Honors) from Jodhpur University, Rajasthan, INDIA 1995
Diploma in Financial Management from MSPI, New Delhi, INDIA 1994
Higher secondary from CBSE Board (Class XII Commerce) 1992
Matriculation from CBSE Board (Class XII Commerce) 1990
RESEARCH, TEACHING, or OTHER INTERESTS
Finance, Economics, Econometrics and Finance, Business, Management and Accounting, General Economics, Econometrics and Finance
Scopus Publications
Scholar Citations
Scholar h-index
Scholar i10-index
Scopus Publications
Deepa Sharma and Suman Chakraborty
Associated Management Consultants, PVT., Ltd.
Nikhil M N, Sandeep S. Shenoy, Suman Chakraborty, and Lithin B M
Wiley
AbstractIn line with the wide implementation of IFRS around the globe, the significant shift in the Indian accounting system appertained to the Ind AS is expected to have a substantial impact on the firm‐level information environment. Nevertheless, the question of whether the adoption of such standards moderates the relationship between leverage and firm performance remains unanswered. In this backdrop, we aim to close this research gap employing 3120 firm‐year observations from 401 Indian non‐financial firms for a period from 2013 to 2022. Notably, we found that the leverage among Indian firms discourages profitability. Further, the adoption of Ind AS negatively moderates the leverage and firm performance association. The findings suggest that the enhanced transparency and the firm's reporting quality dissuade risk‐averse investors from investing in highly levered companies. As a result, investors avoid risky investments, and firms must strive to foster their trust and motivation. The conclusion of the present research draws significant implications for management and policymakers while also contributing to the ongoing debate on capital structure and firm performance.
Deepa Sharma and Suman Chakraborty
Informa UK Limited
Nikhil M. N., Sandeep S. Shenoy, Suman Chakraborty, and Lithin B. M.
Informa UK Limited
Sanket Ledwani and Suman Chakraborty
Associated Management Consultants, PVT., Ltd.
N. S. Prakash, Suman Chakraborty, and Sabat Kumar Digal
Associated Management Consultants, PVT., Ltd.
Lithin B. M., Suman Chakraborty, and Nikhil M. N.
Associated Management Consultants, PVT., Ltd.
Nikhil M. N., Suman Chakraborty, Lithin B. M., and Lumen Shawn Lobo
LLC CPC Business Perspectives
The increasing prevalence of IFRS adoption has resulted in enhanced transparency, accounting quality, and comparability of financial information among firms, especially in emerging markets worldwide, including India. Nonetheless, the question of whether the adoption of IFRS has led to improved firm performance persists. To address this question, this study examines the impact of transitioning from India’s GAAP-based accounting standards to IFRS-converged standards (Ind AS) on non-financial firms’ performance from 2013 to 2022. The empirical findings reveal that the convergence of Indian accounting standards with IFRS significantly improves firm performance, as demonstrated by a positive coefficient of 0.0166 for Ind AS in the fixed-effect model. The study also validates the original empirical findings using the return on equity (ROE) measure of firm performance, which yielded a coefficient of 0.0197, further confirming that the adoption of Ind AS leads to an increase in the performance of Indian firms. These results contribute new insights to the existing IFRS literature and have implications for policymakers and managers.
Nikhil M. N., Suman Chakraborty, Lithin B. M., Sanket Ledwani, and Satyakam
LLC CPC Business Perspectives
The crumble of financial markets due to the recent crises has wobbled precariousness in the stock market and intensified the returns vulnerability of banking indices. Against this backdrop, this study intends to model the volatility of the Indian Bank Nifty returns using a battery of GARCH specifications. The finding of the present research contributes to the literature in three ways. First, volatility during the sample period, which corresponds to a time of stress (a bear market), is more persistent, with an estimated coefficient of 0.995695. Moreover, when volatility rises, it persists for a long time before returning to the mean in an average of 16 days. Second, for a positive γ, the results insinuate the possibility of an “anti-leverage effect” with a coefficient of 0.139638. Thus, the volatility of the Bank Nifty returns tends to rise in response to positive shocks relative to negative shocks of equal magnitude in India. Finally, the findings demonstrate that EGARCH with Student’s t-distribution offers lower forecast errors in modeling conditional volatility.
Deepa Sharma, Suman Chakraborty, Ashwath Ananda Rao, and Lumen Shawn Lobo
SAGE Publications
Corporate social responsibility and its relationship with firm performance have been the focus of studies concerning the area of social responsibility of companies over the last four decades. The area has undergone significant progressions and shifts over time. There is a tremendous interest among the researchers in analyzing the relationship between corporate social responsibility and firm performance, as evident by the increasing surge in the research publications in this domain, especially since 2010. This study intends to highlight the knowledge expansion and research dispersion in the broad area concerning corporate social responsibility and its effect on firm performance. For this purpose, the research articles published in the Scopus database from 1987 to 2021, covering 34 years, have been taken to perform a bibliometric analysis. The study explains the descriptive trend of research publications focusing on performance indicators and uses a thematic evolution tool to highlight the major themes. The results of the bibliometric studies reveal that the focus of research encompasses the dimensions of sustainability, strategic management, institutional pressures, disclosure, and corporate social responsibility reporting. Based on these dimensions, the paper presents insights into the existing studies and offers the scope for future research.
B M Lithin, Suman Chakraborty, Vishwanathan Iyer, M Nikhil N, and Sanket Ledwani
Informa UK Limited
Sanket Ledwani, Suman Chakraborty, and Sandeep S. Shenoy
LLC CPC Business Perspectives
The unprecedented outbreak of COVID-19 has affected every aspect of the human life, be it health, social, or economic dimensions. The anxiety and uncertainty wobbled the economies of affected countries worldwide. This study attempts to quantify the impact of COVID-19 on the performance of major stock markets of G-7 nations vis-à-vis BRICS nations. An event study methodology is employed to capture the effect of the systematic event in the form of Buy and Hold Abnormal Returns (BHAR) and Average Buy and Hold Abnormal Returns (ABHAR). The study considers a 90-day observation window, consisting of six sub-event windows after the COVID-19 news up-doves the world, and 120 days prior to the selected event date to estimate average expected returns. BHAR values in the four event windows are statistically significant, covering stock markets from panic and nosedive to their correction and recovery. ABHAR values reported are significantly negative in the event window ranging from –0.15% to –38.43% for G-7 and –0.06% to –37.12% for BRICS nations. Despite similar ABHAR trends, the BHAR values and correlation matrix exhibit a diverse reaction in BRICS nations compared to the highly synchronized reaction in the G-7 group of nations in the COVID period.
Lithin B M, Suman Chakraborty, Bidyut Kumar Ghosh, and Ravindra Shenoy U
Informa UK Limited
Soumik Gangopadhyay and Suman Chakraborty
Inderscience Publishers
Hasirumane Venkatesh Mukesh, Nandana Prabhu, Navin Kumar Koodamara, Suman Chakraborty, and Pallavi Kamath
Emerald
PurposeThe central purpose of this study is to investigate the relative effects of leadership styles, i.e. transactional leadership and transformational leadership, and achievement motivation on the entrepreneurial potential of MBA and engineering students. This study also examines whether the MBA and engineering students differ in terms of their entrepreneurial potential.Design/methodology/approachThis study has used a cross-sectional research design along with a quasi-experimental research method to investigate the study's objectives on a sample consisting of 952 engineering and business students. The study has also used the PLS-SEM approach to carry out the data analysis, and to evaluate the group differences among MBA and engineering students concerning the relationships investigated, i.e. leadership motivation-entrepreneurial potential, and achievement motivation-entrepreneurial potential.FindingsThis research has primarily made four findings. First, the study has found that there are statistically significant differences between students pursuing a business education, and those students who are seeking management education about their entrepreneurial potential. Second, this study demonstrates that leadership and achievement motivation are strongly associated with entrepreneurial potential. Third, this research shows that the achievement motivation-entrepreneurial potential is more substantial among engineering students than among business students. However, the leadership-entrepreneurial potential relationship is more influential among MBA students than among engineering students. Lastly, the effect size of leadership is small in comparison with the effect size of achievement motivation, which is substantially healthy.Originality/valueThis research has attempted to address the riddle of a leadership attribution error in the context of entrepreneurship. Accordingly, this study has demonstrated that the idea of leadership attribution error has empirical evidence in the context of entrepreneurship also. Further, this study has tried to address the “behavior-motive preeminence” dichotomy. The results of this research show that internal motivation is more reliable than external leadership behavior in cultivating the entrepreneurial potential of students.
Suman Chakraborty, Raghavendra, and Arijit Sengupta
Associated Management Consultants, PVT., Ltd.
Major Indian cities experience traffic choking from early morning, and commuters face extreme difficulty in reaching their destinations. Many surveys and empirical research results concluded with loads of suggestions for the government and transport
Suman Chakraborty, Sandeep S. Shenoy, and Subrahmanya Kumar N.
LLC CPC Business Perspectives
Determinants of dividend policy have been a topic of debate in the academic literature for several decades, but the studies have not been able to give a concluding result on the topic. Existing literature reveals that one of the most challenging decisions, dividend payout, is affected by multiple determinants thereby impacting the value of stock, among which proficatibility, capital structure and level of cash flows are identified to be significant factors. The aim of this study is to evaluate empirically the determinants of dividend payout among the companies in the Indian auto components sector which are listed in major Indian bourses. This paper constitutes a modest attempt to explore the relationship between dividend policy (dividend pay-out ratio) of the companies and the variables representing profitability, capital structure, investments, liquidity and cash flows. The other salient feature of the study is that it examines casual relationship of financial performance, operational efficiencies and investment strategies on decision of paying the dividend. ANOVA, correlation analysis and regression analysis have been used to explore the relationship between the identified variables. The study finds that the dividend policy of the companies in the Indian auto components sector is largely influenced by the operating profit, cash from operations, proportion of cash from operations used for financing the investment activities and the proportion of equity in the capital structure of the companies. The study addresses the Indian auto components sector, which is not researched much, and suggests rejuvenation in dividend policy after accounting a derived variable of cash flow to capital expenditure, as identified relevant to the group of auto manufacturers selected for the study.
T. S. Shobha and Suman Chakraborty
Associated Management Consultants, PVT., Ltd.
Financial well-being is a yardstick for the measurement of individuals' financial security and their ability to make financial choices both in the present and future. Financial well-being in its perceptual nature is the most effective and reliable measure of the construct. Review of literature for financial well-being indicated that beyond the demographic, social, and economic factors, it is the psychological factors that have a greater impact on the financial well-being of an individual. These psychological factors needed further investigation for identification of specific psychological factors affecting financial well-being. This study attempted to analyze empirical and scholarly research findings. Twenty five papers downloaded from various electronic databases and from various peer reviewed journals in the area of financial well-being during 2000-2016 were considered for the present study. Review of selected papers suggested significant gaps pertaining to the interaction of psychology with financial well-being and also identified positive financial behaviours like financial literacy and propensity to plan affecting financial well-being. This assemblage of reviewed research papers will be useful for the academia and industry to cultivate understanding on the psychological rumblings of an individual and would promote positive financial behaviours leading to greater financial well-being.
Suman Chakraborty and Sabat Kumar Digal
Associated Management Consultants, PVT., Ltd.
RECENT SCHOLAR PUBLICATIONS
MOST CITED SCHOLAR PUBLICATIONS
Publications
A. Refereed Publication:
1. Sharma, Deppa., Chakraborty, Suman (2024). Corporate Social Responsibility and Financial Performance: Moderating Impact of Product Market Competition. Indian Journal of Finance, 18(7), 8–24. DOI: , (Scopus Indexed Q3 and ABDC-C)
2. Nikhil M. N, Sandeep S. Shenoy, Suman Chakraborty & Lithin B. M., (2024). Does the Ind AS moderate the
relationship between capital structure and firm performance? The Journal of Corporate Accounting and Finance, VOL. 35, NO. 2, pp 86-102, , (Scopus Indexed Q2 and ABDC-B)
3. Nikhil M. N, Sandeep S. Shenoy, Suman Chakraborty & Lithin B. M., (2024). Is the nexus between capital structure and firm performance asymmetric? An emerging market perspective, Cogent Economics & Finance, VOL. 12, NO. 1, pp1-19, 2296195, , (Scopus Indexed Q2 and ABDC-B)
4. Ledwani Sanket, Chakraborty Suman, (2023). Evaluation of Pooled Cross-Sectional Earnings Forecasting Models: An Indian Evidence, Indian Journal of Finance, ISSN: 0973 - 8711, Volume 17, Issue 8, pp8-26, DOI: 10.17010/ijf/2023/v17i8/173008, (Scopus Indexed Q2 and ABDC-C)
5. N.S Prakash, Chakraborty Suman, Digal Sabat, (2023). Assessing Awareness Levels of a Public Health Scheme in India- An Empirical Study, Prabandhan: Indian Journal of Management, ISSN: 09752854, Volume 16, Issue 7, pp8-28 (Scopus Indexed Q2), DOI: 10.17010/pijom/2023/v16i7/172925
Industry, Institute, or Organisation Collaboration
NMIMS – Deemed to Be University, Indore Since 16th Nov 2023
Professor and Associate Dean
Academics: Delivering sessions on Business Valuations, Corporate Finance, Financial Analytics, Investment Analysis. Academic Planning for day to day operations, Academic Budget, Curriculum development.
Institution Building: Academic resource planning, Recruitment and hiring of faculty members, Training of faculty team on Outcome based learning, Training on academic research to Faculty and students, Member of IQAC audit team, preparation of documentation for NAAC visit for management and commerce programs, Multi-campus Coordination amongst the NMIMS group, Handling students’ affairs and coordination between faculty members.
Manipal Academy of Higher Education (MAHE) - Deemed University, Department of Commerce, Manipal
Associate Professor (Corporate Finance) & Academic Head (1st August’2017 to 10th June 2023)
Key responsibilities:
Academics: Delivered sessions on Business Valuations, Entrepreneurial Finance, Financial Management, and Corporate Financial Strategy, Financial Economics, Financial Derivatives, Financial Analytics to Postgraduate students and undergraduate students of MAHE, Manipal.
Academic Administration: Reviewed Lesson plans, Academic resource planning, Preparation of question papers for online entrance test for admissions in Undergraduate, Postgraduate, and Doctoral programs, Prepared new courses, modified existing courses, organized curriculum conclave, and prese
INDUSTRY EXPERIENCE
1. Indian Motor Parts Accessories Ltd, (TVS group) Jodhpur (2nd Nov’ 1998 to 10th Dec’ 1999)
Commercial Officer
Key Responsibilities: Negotiation with dealers on rates, discounts, and finalization of terms and conditions for a different merchandise, preparation of payment advice, and the decision of holding payments with justifications, material movements; stock reconciliation, and other MIS related to commercial functions.
2. Reliance Petroleum Limited (RPL), Jamnagar, Gujarat (5th Nov 1997 to 1st Nov 1998)
Officer Trainee
Key Responsibilities: Audit of monthly cash flow and cost statements of various cost-plus contractor companies (such as L&T, Simplex, DODSAL, GDCL; AFCONS) for RPL. Preparations of MIS reports - Audit report; Payment advice, Preparation of material reconciliation statement (MRS), Preparation & analysis of weekly cash flows; Variable expenses analysis and physical verification of closing stocks for different cost-plus contractors.